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LCityof <br />Louisville <br />COLORADO • SINCE 1878 <br />FINANCE COMMITTEE <br />COMMUNICATION <br />ITEM 3 <br />2. Tax Rates Applied: Different tax rates are applied to the half project value: <br />o Boulder County Use Tax <br />o City Capital Improvement Use Tax <br />o City Historic Preservation Use Tax <br />o City Open Space/Parks Use Tax <br />o Rec Center Use Tax <br />Example Calculation <br />Project Cost: $100,000 <br />• Half Project Value: $50,000 ($100,000 / 2) <br />• Total Taxes Due: $2,317.50 (Breakdown provided below) <br />o Boulder County Use Tax: $592.50 (1.185% of $50,000) <br />o City Capital Improvement Use Tax: $1,500 (3.0% of $50,000) <br />o City Historic Preservation Use Tax: $62.50 (.125% of $50,000) <br />o City Open Space/Parks Use Tax: $250.00 (.5% of $50,000) <br />o Rec Center Use Tax: $75.00 (.15% of $50,000) <br />Actual Project Cost: $75,000 <br />• Half Project Value: $37,500 ($75,000 / 2) <br />• Total Taxes Due: $1,738.11 (Breakdown provided below) <br />o Boulder County Use Tax: $444.37 (1.185% of $37,500) <br />o City Capital Improvement Use Tax: $1,125 (3.0% of $37,500) <br />o City Historic Preservation Use Tax: $46.87 (.125% of $37,500) <br />o City Open Space/Parks Use Tax: $187.50 (.5% of $37,500) <br />o Rec Center Use Tax: $56.25 (.15% of $37,500) <br />Note: The above example is to demonstrate Building Use Tax, and does not include other <br />fees, like permit, impact, etc. <br />Lodging Tax Reclassification <br />During account maintenance, previously collected lodging tax was erroneously coded as <br />sales tax. This correction resulted in a decrease in sales tax revenue and an increase in <br />lodging tax revenue. The approximate amount reclassified is -$30,000. <br />RECOMMENDATION: <br />Receive and file. <br />ATTACHMENTS: <br />1. Monthly Tax Reports — May 2024 <br />2. Tax District Map <br />FINANCE COMMITTEE COMMUNICATION <br />18/81 <br />